国际金融课件(1)

TheglobalbusinessfinanceenvironmentInternationalfinanceForeigndirectinvestmentInventoryofinternationalFinancialresources1.introduction2.theenvironmentinternationalmonetarysystemthebalanceofpayment3.thetheoriesofforeignexchangeratedetermination4.foreignexchangeexposure1.non-bankfinancialinstitutionfinancialresources2.internationalfinancialmarkets3.internationalderivativesexchange-traded4.nonexchangetradedderivativesInventoryofinternationalfinancialresourcesNon-bankfinancialinstitutionsinglobalfinanceInternationalfinancialmarketsInternationalderivativesexchange-tradedInternationalnon-exchangetradedderivativesNon-bankPublicinternationalfinancialinstitutionspublicglobalfinancialinstitutionsregionalpublicnationalpublicPrivateinternationalfinancialinstitutionsglobalprivateregionalprivatenationalprivateInternationalfinancialmarketsEurocurrencymarketsInternationaldebtsmarkets-long-termglobalbonds/foreignbonds/eurobonds/specialtypesofbondsShort-andmedium-termdebtmarketsEuro-commercialpaperandeuro-medium-termnotes/floatingrateeuro-notesInternationalequitiesInternationalderivativesexchange-tradedUsersofderivatives/risksofderivativesCurrencyfuturesandoptionsInterestratefuturesandoptionsInternationalnon-exchangetradedderivativesCurrencyandinterestrateswapsInter-bankcurrencyfuturesandoptionsExoticderivativesEurocurrencymarketsInternationalDebtMarkets-long-termShort-andMedium-termDebtMarketsInternationalEquitiesInternationalfinancialmarketsEurocurrencymarkets1.TheEurocurrencymarkethasbeenreferredtoasastatelessvatofmoney,essentiallyowingtonoallegiancetoanynation.Itisahuge,globalinter-bankmoneyandcapitalmarketthatfacilitatesloanswithmaturitiesrangefrom90daysto10yearsormoreandthatisalmosttotallyoutsideallgovernmentregulations.Eurocurrencymarkets2.ThecostoffundsinthismarketisbasedonLIBOR,theLondonInter-bankOfferRate,therateatwhichbanksintheinter-banksystemchargeeachotherforfundsofmanydifferentmaturities3.OriginofthemarketAnumberofreasonshavebeengivenfortheoriginoftheEurocurrencymarket.SomeanalystsgosofarastosaythattheSovietsinitiatedtheprocessoftradingEurocurrenciesbeforethewesternEuropeansusedforeigndeposits.AfterWorldWARII,theSovietsuseddollarsinsteadofrublesforforeigntradeandhadmaintainedalargeinventoryofhardcurrencies,especiallythedollar.Inordertoearninterestonthesedeposits,thesovietsbegantolendthesedepositstoEuropeansortoAmericanoperatinginEurope,thuscreatingErocurrencies.InternationalDebtMarkets-long-term1.domesticbonds-Thedomesticbondisissuedlocallybyadomesticborrowerandisusuallydenominatedinthelocalcurrency2.globalbondsTheforeignbondsEurobondsGlobalbonds-Globalbondswerefirstissuedin1989and1990whentheWorldBankborrowedintheinternationalcapitalmarketsbyfloatingglobalbondsdenominatedinU.S.dollars.followingarethekeyfeaturesofglobalbonds:1.theyarelargeinsize,usually$1billionormore;2.theyaregenerallygiventhehighestgradesbybondratingservices,e.g..AaaorAAA;3.theyarenon-callablewithintermediatematuritiesof5,7,or10yearsandlongermaturitiesto40years;4.theyareofferedforsimultaneousplacementintheUnitedStates,Europe,andtheFarEastbyaninternationalsyndicateofbanksactiveintheworldwidetradingofU.S.dollarbonds;5…Foreignbonds-foreignbondsareissuedinlocalmarketbyaforeignborrower,withtheassistanceofalargeinvestmentbankers,andaredenominatedinalocalcurrency.Eurobonds-eurobondsarefinancedbylong-termfundsintheEurocurrencymarkets.Theyareunderwrittenbyamultinationalsyndicateofbanksandplacedincountriesotherthantheoneinwhosecurrencytheyaredenominated.Short-andMedium-termDebtMarketsEuro-commercialpaper(ECP)andEuro-medium-termnotes(EMTN)FloatingrateEuro-notes(Floatingratenotes(FRN)representanearlyinnovationintheeurobondmarket.Interestisusuallypaidsemiannuallyandtheytradeataspreadofthereferencerate,e.g.,LIBOR.MarginaboveLIBORmayamountto25-100basispointsormore.After6months,therateisresetwiththesamemargin.InternationalREPOmarket(repurchaseagreement,orREPOS)InternationalEquitiesCurrencyfuturesandoptionsInterestratefuturesandoptions一国际金融的概念﹑重要性及特点1.概念国际金融一般是指与国际间的货币流通和银行信用有关的一切业务活动2.研究对象（1）国际货币及借贷资本运动规律（2）国际货币经营和管理的各种业务及组织机构（3）国际货币信用制度及政策措施3.重要性（1）宏观——在开放条件下一国宏观经济需要从全球视角进行考察。其中的货币金融问题是国际金融的重要研究对象。（2）微观——企业在生产经营过程中的筹资或投资等活动都直接或间接受到国际金融市场变化的影响。（3）个人——国际金融市场的各种发展变化也直接或间接影响个人收入.，消费.投资.就业等切身利益。一国际金融的概念﹑重要性及特点4.国际金融的特点（1）是一种全球性的货币信用活动（2）不仅是货币信用空间的相对简单的扩大，其所涉及的范围更广，影响因素更为复杂。（3）必须借助于国际支付手段（4）国际货币信用活动要涉及不同的语言文字和风俗习惯（5）不仅受各国法律约束，而且受各种国际协议，国际准则及惯例的严格约束。二“国际金融”课程的主要内容1.国际金融基础知识(1)外汇与国际收支(2)国际储备(3)汇率与汇率制度(4)外汇交易2.国际金融基本理论(1)国际收支调节理论(2)汇率决定理论3.国际金融政策与管理(1)国际收支调节政策(2)汇率政策(3)外汇管制政策(4)国际储备政策与管理4.国际金融市场(1)国际金融市场概述(2)欧洲货币市场5.国际协调与国际货币体系(1)国际协调的基本原理(2)国际协调的制度安排：国际货币体系a国际金本位制b布雷吨森林体系c牙买加体系(3)国际金融机构三国际金融与相关学科的区别1与货币银行学的区别（1）“货”：国内货币供给与国内价格问题“国”：外汇供求及相对价格——汇率问题（2）“货”：货币市场均衡问题；“国”：外汇市场与国际收支均衡。2与国际投资学的区别“国投”：企业跨国经营中的货币金融问题（微观）“国金”：从宏观角度来研究货币金融问题3与国际贸易学的关系（1）国际金融学曾长期依附于国际贸易学（2）二战后，国际金融与国际贸易并列构成国际经济学（3）二十世纪七十年代以后开始从货币金融角度研究开放经济，国际金融与国际贸易相脱离四如何学好国际金融1基本知识：货币银行学，西方经济学等2准确把握概念3重视多学科综合分析4理论联系实际5注意各种理论